IMPROVE MARKETING ROI AND PROFITABILITY WITH SEGMENTATION
Customer Segmentation is the process of assigning customers into groups sharing similar risk, banking choices, product usage, revenue, profitability and demographic profiles. It is a statistical, data-driven process that improves the ROI of marketing campaigns, banking relationships and profitability by facilitating the development of targeted communications, services and product offerings that address the unique banking needs of each segment.
By grouping customers into segments of similar banking preferences and risk profiles, financial institutions are better prepared to reduce uncertainties in their marketing strategies and offer banking products and services that address the evolving banking and financial needs of each segment, improve their satisfaction, reduce customer churn, improve marketing ROI and increase profitability.
The introduction of Customer Segmentation in the customer management process brings financial institutions benefits that extend across several areas:
- IMPROVED MARKETING EFFECTIVENESS: Improvements in the response rate to marketing campaigns with targeted communications that address the unique banking and financial needs of each segment.
- CUSTOMER SATISFACTION: Increases in customer satisfaction with communications, services and products that better address the evolving banking and financial needs of customers within each segment.
- IMPROVED PROFITABILITY: Improved efficiencies in the formulation and management of customer relationships through an
improved understanding of the unique customers’ needs within each segment.
Contact us at your convenience to learn more about how our Customer Segmentation Services can help your institution improve the effectiveness of your institution’s banking services and marketing programs.